We all own ‘stuff.’ Sometimes we get quite attached to that stuff, which makes it that much more difficult to divide it up during a divorce. Both parties may want an item and have trouble deciding whether it is considered property in a divorce. Basically, property is anything that can be bought or sold or has a value. However, the question may become more complex during the property division stage of a divorce.
Community Property vs. Separate Property
Generally, courts consider most property
(and debts) accumulated during a marriage to belong to both parties. However, this is not as cut and dried as it may seem. For example, an inheritance one spouse receives during the marriage may remain the separate property of that party. Sometimes separate property may become mixed with community property during the course of the marriage. Hard decisions have to be made, then approved by the court.
But Is it Really “Property”
Generally, we think of personal property and real property. Some possessions may not be thought of as property, though, especially when it comes to splitting them between spouses.
That said, you might expect the following items to be personal property:
- collections, like wine or art,
- books, and
- other personal effects.
However, personal property also may include:
- bank accounts,
- retirement accounts,
- investment accounts,
- vehicles, including boats, cars, and airplanes.
Real estate, or real property, may include:
- Your home,
- Commercial property, and
- investment property.
We sometimes don’t think of our belongings as “property” in a divorce, property that needs to be split. For example, Margie never considered her husband’s tool collection as property — until she filed for divorce. And Liam never thought his wife’s art collection was a big deal, but then it became property to be appraised during their property division negotiations.
Whether you consider items to be property or not, be aware that they may figure into your divorce settlement.
Final Thoughts on Property in a Divorce
Determining whether a possession is community property or separate property makes a difference in property division. It’s also important to know the value of your property before dividing it up. You need an attorney who understands simple to complex property situations.
To discuss how to handle property and divorce issues, please call us at 415-293-8314. The attorneys at the Law Offices of Judy L. Burger
assist clients in San Francisco, Beverly Hills, Marin County, Santa Barbara, Ventura/Oxnard, San Jose, Gold River (Sacramento), and surrounding communities.